Gold slips as US jobless claims hit 208,000

The Labor Department’s latest report for the week ending July 11 shows a tighter labor market than analysts anticipated. The previous week’s initial claims were also nudged upward to 216,000 from the initial estimate of 215,000. Following the 8:30 am ET release, spot gold fell 0.93% to trade at $4,022.95 per ounce.

Secondary indicators confirm the trend of lower-than-projected filings. The four-week moving average settled at 214,250, missing the expected 216,000 mark. Additionally, continuing jobless claims for the week ending July 4 reached 1.805 million, falling below the predicted 1.820 million level. This data set suggests that despite broader economic concerns, the pace of layoffs remains constrained.